The Green Hydrogen Market is growing at a CAGR of 16.6% during the forecast period 2021-2027

The Green Hydrogen Market is forecasted to grow at a high rate due to the increased government investments in green hydrogen ecosystems

The Global Green hydrogen market was valued at USD 810.3 Mn in 2020 and is expected to reach USD 2680.4 Mn by 2027, with a growing CAGR of 16.6% during the forecast period.

The global green hydrogen market projection indicates a favourable and astounding pace of growth. The market is witnessing an increase in demand for green technology, as well as government assistance for widespread implementation of zero-emission systems. The global market and investments in the development of processes that helps to reduce production costs and improve infrastructure are anticipated to drive the market growth. For instance, the EU hydrogen strategy includes a plan to construct at least 6 GW of renewable hydrogen electrolyzers in Europe by 2024 and 40 GW by 2030. Such increase in investments are expected to support the green hydrogen market development in the coming years.

Moreover, with the adoption of green hydrogen for maritime shipping is anticipated to foster the green hydrogen market growth. Maritime shipping is already the most energy-efficient mode of freight transport, using 30% less energy than rail and 90% less than heavy-duty vehicles for the same weight and distance. For short-distance boats, electrification by batteries or fuel cells might be critical. Biofuels offer an urgent alternative for decarbonizing the transportation industry. Green hydrogen may play a key role, but it would need significant changes to existing aboard and onshore infrastructure. Green ammonia is also developing as one of the most viable low-carbon fuel options. Leading manufacturers are developing ammonia-fuelled engines, which are expected to be released in 2024.

Global Green Hydrogen Market by Region Outlook (Revenue, USD Million, 2021-2027)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

In terms of geography, Europe dominated the regional market size for green hydrogen market. Due to the availability of supporting laws and regulations for green hydrogen, as well as revenue available for research and demonstration projects, Germany has a comparably greater percentage of green hydrogen installations across the world. The government, for example, sanctioned 11 demonstration-scale green hydrogen projects in the country in July 2019. The European Commission (EC) released the European Green late 2019, laying out the key policy measures for achieving net-zero greenhouse gas (GHG) emissions by 2050. The Green Deal's goals should be divided into two phases: phase 1 initiates from now until 2030, and phase 2 shall be measured from 2030 to 2050. Such capacity may create up to 0.8 Mt of clean hydrogen per year, depending on how it is used. By 2030, this figure should have risen to 40 GW.

According to the 2019 Hydrogen Roadmap Europe's optimistic scenario, the hydrogen demand in the EU + UK will reach 665 TWh or 16.9 Mt by that time. Even though refinery demand is progressively reducing, renewable hydrogen demand will continue to rise in phase 2. For the processing of intermediate oil products, refineries presently utilise around 30% of total European hydrogen output . As the Green Deal is implemented, it is predicted that demand for oil products, as well as the related hydrogen co-product, that leads to reduction of oil use. The region is technologically advanced and provides a fully-fledged, well-established place for green hydrogen development.

The Global Green Hydrogen Market Segmentation:

Global Green Hydrogen Market by Technology Outlook (Revenue, USD Million, 2021-2027)

  • Alkaline Electrolyzer
  • Polymer Electrolyte Membrane Electrolyzer
  • Others

Global Green Hydrogen Market by End Use Outlook (Revenue, USD Million, 2021-2027)

  • Automotive
  • Chemicals
  • Power Generation
  • Others

Key Findings:

  • Based on technology, the alkaline electrolyzer segment held the largest market share for the year 2020 and is anticipated to continue its dominance throughout the forecast period
  • Based on end-use, automotive accounted for the largest market share in 2020, followed by power generation
  • Based on regions, Europe anticipated to hold a largest market throughout the forecast period in the green hydrogen market analysis

Company Profiles and Competitive Intelligence

The key players operating in the green hydrogen market are:

  • Green Hydrogen Systems
  • FuelCell Energy
  •  Hydrogenics
  •  Ballard Power Systems
  •  Nikola Motors
  •  Ergosup
  •  Loop Energy
  •  Syzygy Plasmonics
  •  Solena Group
  • H2X
  • Siemens Gas and Power GmbH & Co. KG
  •  Engie
  •  FuelcellWorks
  •  Plug Power
  • Toshiba Energy Systems & Solutions Corp
  • Linde
  • Air Liquide
  • Air Products and Chemicals, Inc.
  • Nel ASA
  • ITM Power
  • Bloom Energy

Recent News:

  • In September 2021 the PHD Chamber of Commerce and Industry and Invest India's International Climate Summit 2021 (ICS 2021) is expected to remain focused on "green hydrogen." The subject is ‘Powering India's Hydrogen Ecosystem,' with the goal of establishing self-sufficiency in India for the ‘future fuel.
  • In January 2021, Cummins and Air Liquide signed a joint venture agreement. This program was launched to promote green hydrogen. Many firms provided electrolyzer systems for the production of green hydrogen.

Quick Inquiry

Share Article